Ramp didn’t plan to raise another $500 million. Not this quickly. Just 45 days after announcing a $200 million funding round, the New York-based fintech startup secured half a billion dollars more, this time led by Iconiq Capital, with participation from GV, T. Rowe Price, Emerson Collective, and others. The Series E-2 round values the company at $22.5 billion and brings its total capital raised to $1.9 billion since founding in 2019.
“We weren’t really planning on it,” Ramp CEO Eric Glyman said during a recent podcast appearance. “But we started hearing from investors… It was one of the most rigorous processes I’ve been through.” The company, which had already achieved cash-flow positivity earlier in the year and more than doubled revenue year-over-year, found itself fielding inbound interest from firms impressed by its performance and AI roadmap.
Ramp Intelligence is a growing suite of autonomous AI agents launched in July that aim to eliminate tedious manual processes in finance. Glyman says the goal is not just faster dashboards or better insights, but autonomous action. “These agents we’re building, Ramp Intelligence are there to take work off your plate and do it for you,” he explained. “If you get a receipt, rather than having to code and match it, you can just respond with one click in Slack. It’s done.”
Ramp’s agents currently automate tasks like expense coding, compliance enforcement, fraud detection, and policy refinement. The system integrates with email, calendars, and other corporate tools to predict and verify transactions, reducing approval time and streamlining workflows. Quora’s finance team, for instance, uses Ramp’s AI to replace the manual work of entry-level accountants.
“Functionally, we’re teaching software to think like people,” Glyman said. “It’s not just about automation, it’s about reasoning.”
The company’s platform uses AI models from OpenAI, Anthropic, and others, and is currently being piloted for more advanced use cases such as contract review, bill payments, and procurement workflows. According to Glyman, a single coffee expense today might cost $20 in approval and audit time; Ramp’s agents aim to collapse that process to seconds.
The addressable market is vast, and Ramp is targeting its expansion accordingly. The company now serves more than 40,000 businesses, including several Fortune 100 enterprises, and has grown from 15,000 customers in 2023. It reported $700 million in annualized revenue as of March 2025 and is preparing for deeper expansion into international markets where legacy financial infrastructure still dominates.
“We’re continuing to invest in product, especially in AI,” Glyman said. “You’ll see more around procurement, bill payments, travel—places where finance teams spend a ton of time.”
The funding will also go toward hiring across product, engineering, and go-to-market teams to support the company’s next phase of growth. According to Ramp, the agents have already helped some finance teams close their books in 2–3 days, down from nearly three weeks. Internally, Ramp has embraced the same automation philosophy it’s selling, focusing on efficiency and sustainable growth over headcount expansion.
Iconiq general partner Roy Luo called Ramp “a defining leader in agentic AI” and praised its ability to translate technology into measurable enterprise value. GV’s Elena Sakach echoed that view, saying Ramp is modernizing finance by “executing on the everyday well.”
Ramp’s position, however, is far from uncontested. Brex, BILL, SAP, and American Express have each rolled out their own AI-driven financial platforms. The challenge ahead will be proving Ramp’s agents can work reliably in compliance-heavy settings and gain the trust of conservative CFOs who may still be wary of autonomous systems making policy decisions.
Glyman is aware of that challenge. “The mentality in 2021 was growth at all costs. Now it’s about efficient growth,” he said. “We want to show this business can scale sustainably and that our AI agents can deliver actual business value, not just demos.”
Unlike many fintechs still recovering from the investment pullback of 2023, Ramp is hiring, expanding, and bringing enterprise-grade AI agents into production as others try to catch up. Brex has introduced similar functionality, and incumbents like SAP and American Express are actively adding automation layers.
“The business is scaling,” Glyman said. “And the AI work we’ve been doing is really resonating.”
